International Relations Key Terms

International Relations: Key Terms for 2009 p.1


Arms Race – process in which two (or more) states build up military capabilities in response to each other. (ex. Russia and US during the Cold War)

Bipolar – an international system with two major powers or two grups of states with equal powers.
Unipolar – An international system with only one hegemon (ex. USA)

Bretton Woods System – system of international fiance, established after WWII for managing the world economy. The meeting took place in Bretton Woods, New Hampshire in 1944 (existed until early 1970's). After the meeting, such prestigous global institutions as World Bank and the International Monetary Found (IMF) were born.

Devaluation – process to reduce the value of a currency by changing offcial exchange rate.

Echange rate – the rate at which one country's currency can be echanged for the currency of another state.

Foreign Aid – money/aid directed to the Third World states for economic/humanitarian needs.

Fossil Fuels – ex. Natural gas, coal, oil used to keep alive industrial economy

Group of 8 (G-8) – The seven largest economies (US,UK, Canada, France, Japan, Italy, Germany,) + Russia.

Group of 77 (G-77) – Include more than 120 countries, goal of the group is to represent less develop countries (LDC) of the South.